Materials Prices for Nonresidential Construction Soar 21 Percent
Prices of construction materials used in new nonresidential construction jumped more than 21 percent from February 2021 to February 2022, according to an analysis by the Associated General Contractors of America of government data released today. The association noted that more recent price announcements made after the February data was collected suggest contractors are experiencing even worse cost pressures this Spring.
“Even though the February numbers represent some of the highest year-over-year price increases ever recorded, they have already been surpassed by even steeper price hikes since the war in Ukraine broke out,” said Ken Simonson, the association’s chief economist. “Since the time these prices were collected, multiple increases have taken effect for metals, fuel, and trucking, while supply chains have become even more snarled.”